Occidental Petroleum (Oxy) – Page 2

Oxy beats expectations with robust Q4 results

February 15, 2024

Oil Price Occidental Petroleum reported its strongest quarterly financial results in three years for the final three months of 2023, beating analyst expectations. Net income attributable to shareholders came in at $1 billion for the period, which translated into $1.08 per diluted share. Adjusted earnings attributable to common shareholders came in at $710 million, or $0.74 per share. “Our teams performed exceptionally

Market to be short oil from 2025 onwards, Occidental CEO at Davos

January 16, 2024

Nasdaq DAVOS, Switzerland – The oil market could be heading for a supply crunch from 2025 onwards as oil exploration fails to keep pace with demand, Occidental Petroleum Chief Executive Vicki Hollub said on Tuesday. Hollub, who spoke on the sidelines of the World Economic Forum in Davos, said U.S. WTI crude prices could trade in the $80-$85 a barrel range

Occidental to acquire oil driller CrownRock for $12 billion

December 11, 2023

World Oil (Bloomberg) — Occidental Petroleum Corp. agreed to acquire Texas shale driller CrownRock LP in a cash-and-stock deal valued at about $10.8 billion as consolidation heats up in North America’s most-prolific oil basin. The transaction is expected to close in the first quarter of 2024, subject to regulatory approvals, Occidental said Monday in a statement. The company has lined

Shale driller CrownRock CEO has potential to reshape Texas politics with potential $10 billion Oxy sale

December 1, 2023

World Oil (Bloomberg) – Oil tycoon Tim Dunn has spent millions to try to influence Texas to lean toward his conservative politics. Now, as he considers bids for his drilling company that’s said to be valued at more than $10 billion amid a merger-mania in the shale patch, Dunn is poised for a windfall that could dramatically boost his giving – and

Warren Buffet snaps up more Occidental Petroleum

October 26, 2023

Oil Price Berkshire Hathaway (BRKA: BRKB) has expanded its stake in Occidental Petroleum (OXY) with a purchase of another 3.9 million shares this week, according to a Securities and Exchange Commission regulatory filing. Warren Buffet’s holding company now owns 25.8% of the Houston-based oil company, for a value of more than $14 billion, after purchasing 1,686,368 shares at a weighted

Oxy to keep oil production steady as crude prices surge near $100

September 27, 2023

World Oil (Bloomberg) – Occidental Petroleum Corp. plans to keep its production steady even as oil prices have surged in recent weeks above $90 a barrel. “We don’t increase oil significantly in a market where we don’t see the balance,” Occidental Chief Executive Officer Vicki Hollub said during an interview with Bloomberg Television. “Only in a market where we see balance

Occidental Petroleum begins buying back Buffett stock

May 9, 2023

World Oil In something of a reversal in trends, Occidental Petroleum has started buying back preferred stock it transferred to Warren Buffett’s Berkshire Hathaway in exchange for its financial backing for the Anadarko takeover. The news comes just as Buffett said earlier this week he was not seeking to take control of the oil and gas major. “We don’t know where the

Buffett will not seek control of Occidental Petroleum

May 8, 2023

Oil Price Warren Buffett’s Berkshire Hathaway will not be seeking full control of Occidental Petroleum (NYSE:OXY) despite having amassed a stake of over 23%, the Omaha investor said at Berkshire’s annual shareholder meeting this weekend. Shares in Oxy dropped in pre-market trade in New York on Monday after Buffett rebuffed speculation that he would seek control of the oil company. “We don’t

Berkshire Hathaway boosts its stake in Occidental Petroleum to over 23%

March 16, 2023

Oil Price Berkshire Hathaway, the investment vehicle of Warren Buffett, has bought another batch of shares in Occidental Petroleum, pushing its total stake to 23.1 percent. Citing a regulatory filing, Reuters reported the investment company had bought 7.9 million shares in Occidental, paying $466.68 million for them. Earlier this month, Berkshire again bought Oxy stock, at around 5.8 million shares, for which it

Warren Buffett’s Berkshire Hathaway buys more Occidental Petroleum shares

March 8, 2023

CNBC Warren Buffett’s Berkshire Hathaway added to its already large Occidental Petroleum stake over the past trading sessions, a regulatory filing revealed Tuesday evening. The Omaha, Nebraska-based conglomerate bought nearly 5.8 million shares of the oil company in a few separate trades on Friday, Monday and Tuesday, paying prices in a range from $59.85 to $61.90, the filing showed. The latest purchase, totaling more than

What’s behind Buffett’s renewed interest in Occidental?

August 30, 2022

Oil Price By David Messler Warren Buffett, through Berkshire Hathaway Inc., (NYSE:BRK.A), (NYSE:BRK.B) has been quietly amassing a significant stake in Occidental Petroleum, (NYSE:OXY). As of early August, he had acquired a 20% stake in the common shares of OXY, arousing speculation about what his true plans were. On Friday the 19th of August the Federal Energy Regulatory Commission-FERC, granted approval to

Berkshire Hathaway approved to buy up to half of Occidental Petroleum

August 22, 2022

World Oil Warren Buffett’s Berkshire Hathaway Inc. won approval from U.S. regulators to buy as much as 50% of Occidental Petroleum Corp. after spending months acquiring its shares. Occidental’s shares surged on news of the authorization. Berkshire applied to the Federal Energy Regulatory Commission for the approval on July 11, according to a filing published Friday. “It is concluded that

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